ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, announced that India’s Federal Bank is leveraging its UP Payments Risk Management solution to identify fraudulent card activity, mitigate losses and enhance customer relationships. Through ACI’s solution, the bank can enhance fraud detection capabilities with insights into real-time status of card transactions based on pre-defined parameters, empowering the bank to provide better customer experience and security.
Read More: GlobalFintechSeries Interview with Brandon Dewitt, Co-founder and CTO at MX
.@FederalBankLtd of India combats card and merchant fraud with @ACI_Worldwide’s fraud management solution, drop in vishing fraud
Federal Bank, one of India’s largest private sector commercial banks, has more than 2,800 touchpoints (over 1,200 branches and over 1,600 ATMs) spread across the country, serving a customer base of more than 10 million. The bank is a technology pioneer among India’s private sector banks and was one of the first to computerize all its branches. To address the evolving threat of fraud and offer additional security for digital transactions, Federal Bank sought to deploy a solution with real-time monitoring for deterring, detecting and blocking fraud. ACI customized its fraud and risk management solution for Federal Bank at two action levels: cards and merchants.
“Our objective was to equip Federal Bank with real-time reactivity and adaptation to emerging fraud trends, enabling faster decision-making,” said Kaushik Roy, vice president and country leader – South Asia, ACI Worldwide. “We’re delighted to partner with the bank in its ongoing digital transformation journey, delivering a solution that incorporates fraud and payments data through proprietary as well as third-party modelling.”
Read More: GlobalFintechSeries Interview with Patrick Turiano, Director of Marketing at Paysafe Group
